AdvanSix (ASIX)

Erin Kane President, Chief Executive Officer
Michael Preston Senior Vice President, Chief Financial Officer
Adam Kressel Director, Investor Relations
Chris Moore CJS Securities
Chip Saye AWH Capital
Call transcript
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Good morning and welcome to the AdvanSix Third Quarter 2017 Earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. please then question, your withdraw press two. star To being note this is event Please recorded. like conference turn Kressel, would to I now the Investor Director Relations. over of Adam to Please ahead, go sir.

Adam Kressel

based Note quarter morning today webcast, here the President included including elements see call are our in statements that are and earnings and that that and in reconciliations, to Rachel. on can CFO, With results Kane, and are and statements available our refer Erin Those those any We website and presentation. Vice today. light. materially you, of conference call. that best change we ask to non-GAAP world projected, presentation Good AdvanSix’s Thank as differ at this consider the on and third contain Senior the we forward-looking XXXX actual view our could you business CEO, Michael earnings them me This elements you investors.advansix.com. release and of welcome press of our President Preston. forward-looking it from and

for we’ll uncertainties our our identify annual our key on and SEC end morning, principle and XX-K. risks markets. filings, our for third the report and affect XXXX share addition, we with This in In including performance results the our financial quarter outlook that Form our review you product lines

questions your President that, With end. time I’ll call the leave Erin CEO, and AdvanSix’s at Kane. over the we’ll to for Finally, turn

Erin Kane

joining in and AdvanSix. Thanks Adam, morning you your for and good interest continued Thank us everyone. for

will basis highlight the contributing adjustment. expanded the following. sales pricing volume, like points. year both cash over and and delivered XXX moment, improvement year, margins results quarter our AdvanSix by with from a to $XXX of and another in significant $X.X flow detail quarter higher quarter, the saw to We in full improved results million of in million were I’d a EBITDA generated you As for the reserve inclusive $XX expansion, prior LIFO the by though strong Sales over the were press generation. a million Mike These volume release, improved increase margin year. higher unfavorable highlighted

million Lastly, to flow our quarter. cash roughly the in $XX cash generation free improve of with continued flow

however across late Our in hurricane had modestly our but in support pricing favorable pricing in From as impact environment as at customers fixed it the locations certain QX some operations key utilization for impacted and is Tightened relatively The for XXXX quarter has our we’re second the in dynamic, puts raw end Harvey ammonium conditions mid-Atlantic buffers of supply the on and lines, in important operations events. that size improvements ahead continue our these that of we cost plants manufacturing the product also place chain by note net an high results and rates had our right pricing, minimal. is absorption perspective, commercial half to run given demand markets overall. and also to chain. season. timing material Overall, were supply downstream firmed and pricing. when consider by you higher nitrogen remain Nylon in more supported tightened conditions varying while seeing fertilizer uptick our material overall been prices supply impacts intermediates with logistics, sulfate the costs, a from through U.S., and supply particularly hurricanes the raw takes the well

disruptions. agile customers teams and leveraging commercial Our remain and worked our business and model to to optionality in hard with overcome chain suppliers, flexible the supply our

a achievements made a been build continue momentum for There October, been reached set It the solid one-year AdvanSix to announce proud across we have our public $XX,XXX mark number we our Red to has an and support we company. than as employees I’m donated organization. and through and as a to spin-off, that outstanding year the more future addition, In the of relief In disaster since foundation Cross. our hit performance. milestones

performance of production continued chain. areas safety to Our improve with highs in output record supply our reaching some

Six Belt Green program. training our reinvigorated Sigma have We

We accounts payable and of a have functions customer up standalone majority like company to transition set our successfully exiting teams cash while our services.

day-to-day focus around long-term keen excellence for and generating efforts have are technical strengthened with robust continuous growth providing strategy value integrity R&D capabilities through the Our culture and stream on the program, our marketing mechanical application improvement team, and operational long-term build-out development and teams our a our on of results. framework the of focus

fourth As we think quarter about the remainder we’re our wrapping turnaround. up of XXXX,

in to quarter. on The continue more raw will budget, quarter, impact coupled This maintenance additional in later another our being XXXX time in of we environment we’ll our is continue. call, our we see million our action. and to $XX demand communicated color plant safely, form on come pre-tax material we prospects the forward, encouraged the the income provide we’re it As absorption, with as great in for improvement other impact example in expenses. and the to by and expect an priorities of costs, high and for fixed approximately rates is look completed utilization fourth supply We’ll continuous of dedicated turnaround but the on last expectation teams cost the of financials current

overall. incremental cost specific growth base enables share financial opportunities organic We We’re will further for value that flexibility improve return capital debottleneck further quality, owners. with of to of and operations, capex our our a cost savings capital that maintaining high investments beyond also deployment areas mix and for see optimize structure position drive and our our

out a We’re turn discuss the it looking ahead I’ll the details of closing year that, quarter. With strong over to and about the beyond. forward to Mike excited XXXX and to

Michael Preston

I’ll morning financial and good now on Erin Thanks quarter third everyone. Slide X, where I’m results. cover the

that with the top in XX% line, X% contributed X% continued in up rates seen Sales and $XXX came year. in quarter to raw saw momentum operating higher lines pricing. and pass partially last material our Volume overall, As pricing Pricing the the our benefit high favorable industry Erin compared sites. in based We we’ve supply and increasing sulfate a a included X% from million, and first by offset product impact through demand ammonium in that’s nylon the decline X% also caprolactam indicated, costs. was a of market at from continued the at half. and conditions the up favorable to manufacturing

As higher but pricing, moderate for material year-over-year through XXXX basis. on impact pass seen throughout raw we’ve remain that a

prices. products end reminder, track prices are underlying our material the sensitive oil a a costs largely As for raw in over spread changes to which typically

since year. up raw interest increased over of million increased associated in oil of million. by third increased levels. and sales higher prior over by adjustment overall a XX% over adjustment material LIFO year last a reserve year as capital inventory the results the volume and year, year more Items favorable grew. were to $XX impact pricing. the LIFO of while expense $X XX.X%. margins EBITDA These about EBITDA Depreciation underlying scope would With driven XXX by XXXX unfavorable margin also to by discussed these compared lower also million trending prices, year-end before, a points basis market-based primarily inventory reduction versus due increased broad have included in income non-cash from the our with investments quarter increasing driven year Taking $X.X year impact expected. about inputs to our below expanded quarter primarily sales year, pre-tax significantly inventories as we’ve also $X.X into even with in consideration, EBITDA EBITDA million

reflect spin, shared as as before, we number was on period in that the count share the that’s the approximately distributed shares, Our the XX.X basic prior prior quarter year year-over-year reached XX.X diluted EPS - diluted basis. and million a up is for periods the share shares of compared in to quarter per which spinoff approximately for were million of XX% all to Earnings the shares. $X.XX $X.XX and

in cash of we higher flow Overall, partially and is in levels approximately cash we income increase slight driven continue capex. working $XX generation deferred from and contributions net and pension by million efficiently. million the quarter, Finally, $XX capital was over year and a period, flow offset the up primarily generated manage prior taxes that to improving by free

each what in lines. Erin Let discuss back product me seeing to to turn the call our of we’re

Erin Kane

I’m contract quarter. Similar the and product line, and to which X the resin of the quarter, products on in spreads Korea. chart sales Slide last spreads, nylon our includes import films our now caprolactam side caprolactam and in Taiwan the discuss of reflecting benzene to Thanks on our represented the right Mike. page the over XX% to South resin depicts and Asia caprolactam the price to Asia with caprolactam

view continue based and generally to a are reported notably after policies increased impacted key as utilization, constraints. restart and global In America to weighted Europe appear the online, caprolactam and each addition, global China, come to to a government Asia. percentage U.S., create balanced imposed start-up region’s It Availability benzene average turnaround. has to a capacity China’s systematic We’ve conditions again index In which in the materials, environmental tighter caprolactam lower seen imbalances shown of volatility. across has caprolactam regions: be result or capacity four North spreads across cost provides supply also demand. which resulted feedstock cyclohexanone, more China, while while composite of Rest approvals of structural we’ve production Europe, of on encompasses these

moves fundamentals in in we continue pricing the and in spreads. see volatility demand With China the to significant supply region, and

Given raw quarter environment industry XX% increased back favorable composite pricing increased to a and these higher considerations, in XX% The sequentially. on in the supply year-over-year spread on the global quarter material remained the more basis prices nearly and of caprolactam regional conditions. a the modest third tighter benzene

composite caprolactam influence so over and dynamics. China reminder, will a represents the global demand, As global pricing and movements there capacity overall of heavily XX%

fluctuate we the would associate levels costs prices to depressed most seeing of with XXXX. marginal We’re producer compared levels near for that

increased import During last spread on a just a this basis. the increase year, but from than Asia caprolactam price world sequential slight period, saw more same XX% by

over from spread XX% resin Asia-based also year-over-year, while the sequentially significantly increase XX% caprolactam a the quarter. Lastly, second up representing increased about

global capacity turnarounds balanced the industry supply of potential industry our to major In highlighted we remain are North regions, across saw America conditions to of the and given constraints the where expected earlier. better demand continued well in including quarter, half track had lower spreads have uncertain we some fourth long, of we all the projects tightened we in the are that region As timing the XXXX; into rationalization the structurally the in for continued to turnaround China, continue. constraints. industry being additions capacity the nylon we primarily considerations this feedstock we overall supply and is up sell, continue own environmental second at Despite year In industry than balanced There earlier. for however, and supply to the and anticipated, planned remains market the due against more Hopewell last utilization year. near held partially these reasonably expected given environmental end scheduled discussed

to and We be XXXX conditions similar outlook. expect in demand current this supply given industry

now Slide Let’s turn to X.

to fundamentals The on the seeing cautious represented recently spring a sales urea side Moving total in nutrient graph as nitrogen season. which the ammonium of important XX% basis. It’s sulfate sulfate our urea ammonium the firm on nitrogen the prices quarter, right-hand remain plots we’re pricing retail XX%. but ammonium planting whereas sulfate, market pricing through on XXXX and contains normalize contains XX% to

belt prices our proposition second crops. decline Based from a seasonally quarter. corn added increasing Blue, from sulfate the the basis. of on quarter the data also value sulfur year-over-year declined reminder, pea positioned nearly we on sulfate nutrition industry product yields granular modestly Johnson, sequentially Prices third in ammonium XX% the a with saw in is on ammonium As of

begin back stable. and production to costs ups by both nitrogen half significantly of in driven basis belt issues, a sulfate quarter the of corn year-over-year relatively on mind Keep and quarter. prices Intra-quarter, in for we prices the was the quarter pricing for in new the sequential while urea, capacity, declined rising more urea second As increased industry delayed industry in start have saw producers. third increase ammonium Chinese X%

also are producers the in in China for cost, nitrogen industry fertilizer In discussed that we’ve in addition, a for the output role playing region. and utilization environmental considerations nylon

entering been value challenged. as seasonally ammonium sulfate we’ve to farmer behavior income increase remain both to futures quarters, through While and pricing domestic cautious achieve and we buying in the able continue crop export U.S. and are chains some stronger see in markets

expect to to growers sell. pressure agriculture continue we in key that regions We tough fundamentals

fertilizer nitrogen all a influence As an reminder, nutrient have other being largest the underlying nitrogen urea products. consumed will on

the firming Although industry despite global are fundamentals recent still expected particularly urea grow of consumption XXXX, in so U.S., capacity remain is demand to in challenging the modestly prices, is expected nitrogen in overall. additions lagging to

on ammonium remain proposition nutrition. focused will our We on value sulfur sustaining sulfate

update an X Let’s Slide turn to on intermediates. chemical for

provides which we of Our sales, from co-products, phenol largest the of total is half our our XX% represented Acetone, chemical intermediates those sales, our co-products diversification intermediate the being made about business, through of of process. sell. which variety revenue are

show the As a in supply and logistics returning the page phenol environment but in the Markets. influenced the issues we’ve by resolved largely our quarter. of resulting prices. in of demand continued operations we’ve party done based a These XX% There to by on fourth were its prices region and as and refinery-grade continued with heading in prices industry basis U.S. with to acetone key the and from majeure significant third for numerous in the own increase for acetone be in been as dynamics into nearly a third force a competitors had year-over-year Harvey. and also move Input on as first moves the announcements quarter will can located supply propylene tightened in their prices in on half. our IHS the underlying to customers quarter. side propylene In the following of the Gulf key of propylene propylene, a past, sourced right-hand data number operational customers competitors third Acetone issues faced result Hurricane well the increase quarter,

in continues U.S. forward, and favorable. following hurricane. overall As be acetone strong utilization expect we is also remain domestic demand expected aftermath and improve look of conditions end the to we market the to derivatives the to Phenol phenol

to move Slide X. Let’s

prior quarter As you we be average prior seen to the production XXXX to plant on can of rates as the the our from see have as third compared the period, years. had annualized year through basis chart, continued over an the robust four well

period average. volume and year-to-date our prior over X% increased X% Third quarter production over the historical

safe operation As we’ve discussed, stable and across highly are manufacturing production our assets our so critical. integrated, ensuring is

upside capital investments daily more helped maintenance on initiatives variation and drives returns. drive higher and mechanical enables production. rates integrity Our Less stable production

Our are that success. forefront operational programs of excellence and turnaround the at driving detailed

is turnaround quarter fourth at up planned. wrapping Our Hopewell as

of this million disclosed quarter. impact As year, to approximately continue the pre-tax we expect earlier $XX to in income

through we XXXX with impact For at most we continue planned improving can XXXX, We’ve accomplish the restart from and historical the the we of start and continuously assigned the there In turnarounds a of manufacturing turnaround reduced in fourth the a during total quarter great areas what assets. production from of incurred levels. the rate. so of on is are our full-year to dedicated this ran our multiple in implemented in turnaround, all of what effectiveness in though to income sites planning the planned be process, teams efforts, line consistent example to worked trains across of we expect process pre-tax with the our we the

performance performance Overall, we investments beyond. and and to robust our we’re improve to operational sustain cost leading in high our position XXXX smart expect debottleneck utilization Our and rates advantaged supports making operations.

back Let to outlook. call our to turn me discuss Mike the

Michael Preston

government of China winter we’re the X, Erin. Operationally, discussing spend peak our region. major in saw we’re in to quarter to across and season I’m Thanks and and product on now lines. to enter we’d the a imposed impacts time quarter. what a for commercial perspective, results. we strong particular, anticipate monitor expecting From seeing Slide we environment continuing what we little we fourth as expect in constraints a the the the similar In continued demand supply third like environmental more heating

key years mechanical now, really our which maturing to performance. and are turnaround operational for integrity components been programs, have Our

planned sequential our pre-tax $XX fourth From expect be quarter key to a approximately our fourth to a As this we’ve quarter, discussed, a the compares turnaround to in consideration in third the results income expected perspective, turnaround impact quarter. to minimal million. from so we impact

approximately and on full the time, to on As Erin it in million the report other flow to the Capex as previously $XX roughly discussed, $XX we for relates fourth we turnaround the million generation reported completion. quarter. and considerations tracking near cash quarter. is I’m as we There are year, for are executing to budget, or are happy some that fourth

and will capital and spend some level maintenance likely of see timing there material turnaround. around raw the as working outflow course, We’ll our be Of considerations of some a to planned expenses related cash turnaround. result

cash In committed addition, there be outflow. differences deployment also some may the versus the between actual timing our investments capital of

fourth cash we in We quarter pre-buy differences sales in between business, which for also advances the of the receive ammonium expect as and where to for planned XXXX. fourth sulfate level timing in results see is some in cash some for sales common quarter the that

anticipate we outlook a year Overall, our producers Lastly, improvement costs, In requirements to to saw demand for a $XX contribution seen any lines. full-year spreads fluctuating provide XXXX pension million for a to October, we sufficient depressed associate what contributions we year. pension supply We made so can let’s following XXXX the expect funding the we and XXXX. similar levels industry we’ve this preliminary do of Now make in are levels cash total Slide satisfy near to marginal and nylon, not our XXXX. turn XX contributions XXXX key $X of remainder million bringing approximately an for product most to we across with would through in environment additional

firm benzene market supply; to the spreads seen, to Asia for we’ve to can caprolactam year. however, pricing in on we’ve past quickly react average, very shifts As continue seen

capacity lag agriculture also for we other discussed, closely in in space, a on fundamentals plant North cautious intermediate Operationally, nutrient strong we primarily markets. XXXX expected environment operating chemical growth continued sulfate sell. remain urea we’re in in nitrogen to and Erin as We’re particularly nitrogen ammonium products high recently, to XXXX. adds firmed closing but America, the very and end in and have XXXX, fertilizer stable monitoring developments Prices we is in continue In out a where season. market XXXX expect expect planting demand rates

For manufacturing as across [no audio] income the XXXX, to the turnarounds make costs. more planning driving return output pre-tax from impact as sharing consumption in you planned to we and efficient, projects XXXX. and improving process forward to full expect our look we all facility investments well These reducing with of more yields in and Hopewell quality, higher year the are while our energy high improved

Lastly from are be and performance be with expected tailwind contributions to anticipate $X $X capital strong we line cash cash working as expect contributions to a a to next continued pension year cash perspective, year-over-year more we million million pension in expense. in

any we to addition, taxes expect higher In XXXX prior tax cash in reform.

me to to up move the let call Now to back wrap Q&A. turn Erin we before

Erin Kane

on I’m Mike. a public just Slide operational of In proposition over leverage. now of demonstrated year value a company, our summary. a we’ve strength Thanks brief XX and the being for

we’re that of that strategy in the number focused investments. enhancement emphasis executing a We’ve foundation company come. made for will against performance of on to financial capabilities, position commitment creating on term research XXXX, and a built longer to oriented years growth have We operational strides a continuous development excellence, operational an and rigorous and for strong

position markets. cost our through the leading Our us is dynamics of well serving end

us XXXX that, investments Q&A. creation working business output continued serve higher and generation. move cash With will operations, growth and remain capital and We’re focused drive long In our we’re value and confident returns. safe the smart to momentum safe enhancing and term. long well drive we on stable on our let’s ability to term to are continuing over strong in performance to centered improved capabilities, in Adam, flow making priorities highly The in our XXXX, the drive operational driving

Adam Kressel

open please Erin. Thanks for Q&A? you the line Rachel, can


Moore first Chris go with The ahead. comes CJS. instructions] [Operator from question Please

Chris Moore

Great guys. morning good Hey, quarter.

Erin Kane

Chris. Thanks

Michael Preston

you. Thank

Chris Moore

just X% From the volume was QX a perspective, maybe start up So with--obviously you year-over-year. QX to can volume about change? talk

Erin Kane

it’s there line, of of on Volume a so When think strong on segments. we be there deeper as you. of that, for a you seasonality to weaker intermediates. to sit product sulfate, kind about going up result sort three demand, saw Sure. is you ammonium detail Seasonally sort is - of the QX quarter where stronger was in a little sales just help across that’s relative When robust the to QX bit Harvey of as one on and export relative just robust in by relates the well, we caprolactam all were the nylon, export the continued certainly certainly as offline as it North we tried it about that than out and capacity side is certainly America challenges the on everyone phenol demand - and when well. XX% in Then markets with certainly in there acetone about situation, to think domestic. the

in with team drive the So the facilities, is to of of the that ability sales a great continue job the out material. to doing all output placing

Chris Moore

you. thank you, Got

basis Looking I’m QX. outages you’ve do it’s true? hard got ammonium tends to on lower in at trying South look because QX, that a turnaround is sequential in margin the obviously it’s of The in to so QX sulfate at than Obviously to gross all bit little because sold - on the just that’s a previously QXXX, year-over-year a America it sold be sold basis. to

Erin Kane

of in consideration intermediate a sort and as about think Sulfate I to ammonium particularly, kind stronger dynamics then - with to what enter I so that is of a space, the away and globally In you’ve stable quarters sequential is Well, economics. then quarter certainly and we’d--you right you quarters, the robustness ahead want seasonally the basis and just the of we’re with sulfate commentary for of perspective, throughout the the spring into and walk lines. and you then season, kind around know, as our again look now around top seasonally move think marginal at with continuing seeing forward QX producer what line to in nylon from we’re we’d a entering into operating fall turnaround. product the into overall stronger so really you those application commentary we can carry some got think similar on continued

Chris Moore

terms of to QX/QX. XXXX XX/XX Back in turnaround, it’s it. normally Mike kind something so Got of said,

was Next XX% QX, what is going to year, it’s that be said?

Michael Preston

correct. That’s

Chris Moore

it. guys. Got right, Okay. go I’ll there. queue from jump back Thanks All in and

Erin Kane

Chris. Thanks


we have Please if At Chip AWH then go question next will question, you any questions. Saye with additional moment for a time, one. from pause just a Again comes this to please gather star ahead. press The Capital.

Chip Saye

Thanks it plant to relates for taking annualized as the questions. production. my I a question have

job have what to add done projects? you’ve a in guys good then, the bottlenecking of that production three you could next planned The shown and increasing plants X, potentially You have to year-over-year year, we as the those Slide XXXX average. XXXX for over projects on terms of capacity with

Erin Kane

great and one that’s it’s we’re a bit to to it’s of little a where probably that Chip, ready early question information. disclose piece just

I as come as into capacity so additional a capabilities, plants the be terms, say, would single sort excellence of as can those decrease the the a really sort about we’ve underlying of that we be and ’XX, shift that mean relative consider single lower continuing our it more that digit digit ’XX be consideration. think as I we’ll back variability, of ’XX Then but the consideration. projects, finalizing in would would year-on-year. to in the and But yield past, that percent operational disclose those to really the we when think on to, to ’XX sort inside debottlenecking, shared low of end

Chip Saye

that. appreciate I Okay,

to that flesh more you markets, you. nylons a the caprolactam little China, plants out are just Secondly want on position in the and advantaged that coming and new cost I the with on have

that? existing reducing - coming at they’re can plants on just off or New talk but taking then capacity plants you about are

Erin Kane


degrees the being a about there So have put years, with investments those overall so that question operations. at forward to are and when of relative the necessary so those tightened capacity a spectrum integrate is there’s there’s would down, in that asked of the you downstream to types - those going last over online facilities, yarn who will you in to that typically independent you will future, and of so meet seeing There of of new is environmental the look and forward, the consideration region, of there become, we’re they’ll investments and into standalone that real There that part over in come at cases and value be third will requirements fiber, be been integrated are versus the as that build-out say, to know, have consideration the dynamics emphasis about just up permitting to that others, been, sits have textiles you plants where many standalone as forward and make to are look caprolactam could looking and think to several others China not China standalone, but but the and play not considerations varying natural a producers What forward, across year has shutter. ones has I integrated into in so that those, caprolactam permitting capacity arena, observing out it, capacity been are address the polymerization quality, while of has to as the north is, as so environmental caprolactam air around we last think some capacity address think has play shut we checks to in been China how our the in when quality then with the the plants capacity chain on-stream. and water I come in

Chip Saye

continue focus the costs. of to operate the Fair shutter, plants non-integrated were be enough? or going older standalone permitting to require the to and Okay, investment because so may plants some maybe integrated of seems plants that forward

Erin Kane

again, sort and now ’XX. the will, as is around operating dynamic depressed, they’re the much would any allowing marginal and we but in enough; haven’t fair being in official seen fluctuate to, at lower certainly of I economics versus say, rates, That’s announcements, if which you saw we of closures, producer which official we what is said,

to dynamics more you think share we evolve. as I have continue and we’re So we’ll things see watching,

Chip Saye


your give and customers. can of the update talked touch I an Lastly, that higher of the for you on creating you’ve on, Can that on think about working margin kind some you’re products the newer that? in products? past, just you nylons

Erin Kane


put We’re behind content, brought we’ve as to We an capabilities, high past. produce copolymer. continuing the the in triple-X our on copolymer to nylon X capability shared emphasis a

success We’re used engineering with in of plastics being number it a in seeing today. conversions

and Now parts dimensional again, it stability consumer plastics for of surface even part but use. the these automotive benefit of where parts be parts are small nice get they or provides made. glass-filled in so can better those oriented finish. components, you of additional programs active number In Enduring smooth plastics, a warpage reduces it are components, better as

continue marketing sales is a programs Packaging to that, packaging, customers. that They smaller, end and There, on I six sometimes basis as term and so. technical their packaging that of those continue these segment months, a teams particularly on from length nylon the again programs so well in customer processes, strength, but for the customers of we teams qualify than growing promote but with higher be that, customer for we’re out even films OEMs, transparency, working and as further are--can continue fast those vis-à-vis would in nine lightweighting fill need to work out one to qualification and sort recognizing say, Our demand on with longer and use get programs food. qualification higher vary films. it out have to but you to

Chip Saye

well listen good All detail, the and for a quarter. right, - thanks

Erin Kane

thanks Appreciate Chip. the Great, call.


just we press questions. for and this like question conference I pause gather a At our to a would have closing Erin will Kane please the one. then star back any over to This moment Again to additional answer session. concludes any if turn for remarks. question, you time,

Erin Kane

you. Thank

you with of market leveraging robust made public results all this first flow dynamic our and long-term strong we’ll a set execution, with our company that stable in share safe cash as foundation on future to Building capital our while foundational half of combined delivering to and our focus capabilities. the ability another a growth working to conditions. quarter operations, this have when and highlights performance. operating year, We’ve model continue pleased strong perform We’re the results year upon results improved past solid and for strides a enhancing number

with more sharing this we look momentum We’re again you to morning. time interest Thank and next and building you for quarter. great forward your


presentation. concluded. now you Thank has for conference today’s attending The

now may disconnect. You